Vardhman Special Steels posted strong Q3FY26: Revenue at INR 430 Cr, EBITDA up 34% to INR 56 Cr. 9M PAT reached a record INR 88 Cr. EBITDA per ton guidance for next year is INR 8,000-11,000. Key expansions include a INR 475 Cr forging plant (July '28), a new 5 lakh-ton steel plant (July '29) to diversify into larger sizes and non-automotive steels (30% target in 10 years), and an efficiency-boosting reheating furnace by May. Management is confident about overcoming current constraints, focusing on capacity and new strategic ventures.